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of C](#i673a7713afb64f7db14b2dc89846cbb8_7)[ontents](#i673a7713afb64f7db14b2dc89846cbb8_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_____________________________________________________________________________________________________________________________________________________\n\nFORM 10-Q\n\n_____________________________________________________________________________________________________________________________________________________\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\no\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from  __________  to __________\n\nCommission File Number 814-01853\n\nBlackstone Private Real Estate Credit and Income Fund\n\n(Exact name of Registrant as specified in its Charter)\n\n_____________________________________________________________________________________________________________________________________________________\n\nDelaware33-6657275\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n345 Park Avenue,\n\nNew York, New York\n10154\n\n(Address of principal executive offices)(Zip Code)\n\nRegistrant’s telephone number, including area code: (212) 583-5000\n\nN/A\n\n(Former name, former address and former fiscal year, if changed since last report)\n\n________________________\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nNoneNoneNone\n\nIndicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o\n\nIndicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  x   No  o\n\nIndicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:\n\nLarge accelerated fileroAccelerated filero\n\nNon-accelerated filerxSmaller reporting companyo\n\nEmerging growth companyx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes  o    No  x\n\nIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No  x\n\nThe number of shares of Registrant’s common shares of beneficial interest (“Common Shares”), $0.01 par value per share, outstanding as of April 30, 2026 was 36,668,212. Common Shares outstanding exclude May 2026 subscriptions since the issuance price is not yet finalized at this time.\n\n1\n\n[Table of C](#i673a7713afb64f7db14b2dc89846cbb8_7)[ontents](#i673a7713afb64f7db14b2dc89846cbb8_7)\n\nTable of Contents\n\nPage\n\n[PART I](#i673a7713afb64f7db14b2dc89846cbb8_13)\n\n[FINANCIAL INFORMATION](#i673a7713afb64f7db14b2dc89846cbb8_13)\n\n[Item 1.](#i673a7713afb64f7db14b2dc89846cbb8_16)\nFinancial Statements\n[4](#i673a7713afb64f7db14b2dc89846cbb8_19)\n\n[Consolidated Financial Statements (unaudited)](#i673a7713afb64f7db14b2dc89846cbb8_16)\n\n[Consolidated Statement](#i673a7713afb64f7db14b2dc89846cbb8_19)[s](#i673a7713afb64f7db14b2dc89846cbb8_19)[of Assets and Liabilities as of](#i673a7713afb64f7db14b2dc89846cbb8_19)March 31, 2026 and December 31, 2025\n\n[4](#i673a7713afb64f7db14b2dc89846cbb8_19)\n\n[Consolidated Statement](#i673a7713afb64f7db14b2dc89846cbb8_22)[of Operations for the](#i673a7713afb64f7db14b2dc89846cbb8_22)Three Months Ended March 31, 2026\n\n[5](#i673a7713afb64f7db14b2dc89846cbb8_22)\n\n[Consolidated Statement](#i673a7713afb64f7db14b2dc89846cbb8_25)[of Changes in Net Assets for the](#i673a7713afb64f7db14b2dc89846cbb8_25) Three Months Ended March 31, 2026\n\n[6](#i673a7713afb64f7db14b2dc89846cbb8_25)\n\n[Consolidated Statement of Cash Flows for the](#i673a7713afb64f7db14b2dc89846cbb8_28)Three Months Ended March 31, 2026\n\n[7](#i673a7713afb64f7db14b2dc89846cbb8_28)\n\n[Consolidated Schedule](#i673a7713afb64f7db14b2dc89846cbb8_31)[s](#i673a7713afb64f7db14b2dc89846cbb8_31)[of Investments as of](#i673a7713afb64f7db14b2dc89846cbb8_31)March 31, 2026 and December 31, 2025\n8\n\n[Notes to Consolidated Financial Statements](#i673a7713afb64f7db14b2dc89846cbb8_37)\n\n[20](#i673a7713afb64f7db14b2dc89846cbb8_37)\n\n[Item 2.](#i673a7713afb64f7db14b2dc89846cbb8_85)\n\n[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i673a7713afb64f7db14b2dc89846cbb8_85)\n\n[44](#i673a7713afb64f7db14b2dc89846cbb8_85)\n\n[Item 3.](#i673a7713afb64f7db14b2dc89846cbb8_121)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i673a7713afb64f7db14b2dc89846cbb8_121)\n\n[53](#i673a7713afb64f7db14b2dc89846cbb8_121)\n\n[Item 4.](#i673a7713afb64f7db14b2dc89846cbb8_142)\n\n[Controls and Procedures](#i673a7713afb64f7db14b2dc89846cbb8_142)\n\n[55](#i673a7713afb64f7db14b2dc89846cbb8_124)\n\n \n\n[PART II](#i673a7713afb64f7db14b2dc89846cbb8_127)\n\n[OTHER INFORMATION](#i673a7713afb64f7db14b2dc89846cbb8_127)\n\n[Item 1.](#i673a7713afb64f7db14b2dc89846cbb8_130)\n\n[Legal Proceedings](#i673a7713afb64f7db14b2dc89846cbb8_130)\n\n[56](#i673a7713afb64f7db14b2dc89846cbb8_130)\n\n[Item 1A.](#i673a7713afb64f7db14b2dc89846cbb8_133)\n\n[Risk Factors](#i673a7713afb64f7db14b2dc89846cbb8_133)\n\n[56](#i673a7713afb64f7db14b2dc89846cbb8_133)\n\n[Item 2.](#i673a7713afb64f7db14b2dc89846cbb8_136)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i673a7713afb64f7db14b2dc89846cbb8_136)\n\n[56](#i673a7713afb64f7db14b2dc89846cbb8_136)\n\n[Item 3.](#i673a7713afb64f7db14b2dc89846cbb8_139)\n\n[Defaults upon Senior Securities](#i673a7713afb64f7db14b2dc89846cbb8_139)\n\n[56](#i673a7713afb64f7db14b2dc89846cbb8_139)\n\n[Item 4.](#i673a7713afb64f7db14b2dc89846cbb8_142)\n\n[Mine Safety Disclosures](#i673a7713afb64f7db14b2dc89846cbb8_142)\n\n[56](#i673a7713afb64f7db14b2dc89846cbb8_142)\n\n[Item 5.](#i673a7713afb64f7db14b2dc89846cbb8_145)\n\n[Other Information](#i673a7713afb64f7db14b2dc89846cbb8_145)\n\n[56](#i673a7713afb64f7db14b2dc89846cbb8_145)\n\n[Item 6.](#i673a7713afb64f7db14b2dc89846cbb8_148)\n\n[Exhibits](#i673a7713afb64f7db14b2dc89846cbb8_148)\n\n[57](#i673a7713afb64f7db14b2dc89846cbb8_148)\n\n[Signatures](#i673a7713afb64f7db14b2dc89846cbb8_151)\n\n[58](#i673a7713afb64f7db14b2dc89846cbb8_151)\n\n2\n\n[Table of C](#i673a7713afb64f7db14b2dc89846cbb8_7)[ontents](#i673a7713afb64f7db14b2dc89846cbb8_7)\n\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS; RISK FACTOR SUMMARY\n\nThis report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blackstone Private Real Estate Credit and Income Fund (together, with its consolidated subsidiaries, the \"Company,\" \"BREC,\" \"we,\" \"us\" or \"our\"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as \"anticipates,\" \"expects,\" \"intends,\" \"plans,\" \"will,\" \"may,\" \"continue,\" \"believes,\" \"seeks,\" \"estimates,\" \"would,\" \"could,\" \"should,\" \"targets,\" \"projects,\" \"outlook,\" \"potential,\" \"predicts\" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:\n\n•our future operating results;\n\n•our business prospects and the performance of properties securing or underlying our investments;\n\n•changes in political, economic or real estate market conditions, the inflation and interest rate environment or conditions affecting the financial and capital markets;\n\n•our ability to raise sufficient capital and repurchase shares to execute our investment strategy;\n\n•our contractual arrangements and relationships with third parties;\n\n•our current and expected financial arrangements and investments;\n\n•the adequacy of our cash resources, financing sources and working capital;\n\n•the timing and amount of cash flows, distributions and dividends, if any, from our investments;\n\n•risks related to the demand for liquidity for the repurchase of shares and the repurchase of shares in the discretion of the Board of Trustees of the Company;\n\n•actual and potential conflicts of interest with Blackstone Real Estate Special Situations Advisors L.L.C. (the \"Adviser\") or any of its affiliates;\n\n•the dependence of our future success on the general economy and its effect on our investments;\n\n•our ability to qualify for and maintain our qualification as a regulated investment company (\"RIC\") under Subchapter M of the Internal Revenue Code of 1986, as amended (the \"Code\") and as a business development company (\"BDC\");\n\n•the timing, form and amount of any distributions;\n\n•the impact of fluctuations in interest rates on our business;\n\n•the valuation of our investments, particularly those having no liquid trading market;\n\n•the impact of changes to generally accepted accounting principles;\n\n•the impact of changes to tax legislation and, generally, our tax position;\n\n•the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments; and\n\n•the ability of the Adviser and its affiliates to attract and retain highly talented professionals.\n\nAlthough we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled \"Risk Factors\" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company's periodic filings with the United States Securities and Exchange Commission (the \"SEC\"). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.\n\n3\n\n[Table of C](#i673a7713afb64f7db14b2dc89846cbb8_7)[ontents](#i673a7713afb64f7db14b2dc89846cbb8_7)\n\nPART I - FINANCIAL INFORMATION"}